References 8 Essay Example

  • Category:
    Management
  • Document type:
    Assignment
  • Level:
    Masters
  • Page:
    3
  • Words:
    1861

Table of Contents

Introduction 2

Type of Innovation 2

Milestone in innovation and the manner it has impacted organization 3

Future Developments 5

Conclusion 6

References 8

Introduction

This paper looks towards presenting the innovation which has been carried out in the Australian industry. The paper focuses on one of the innovation which has been done in the field of technology and the manner in which it has helped organizations to change their outlook. The paper then focuses on the manner in which innovation has impacted organization and the different milestone which the innovation has provided. This would help to focus towards understanding the manner in which innovation would help to improve the business and ensure that the business work is improved. Lastly, the paper focuses towards providing different future developments which innovation would provide and the manner in which business would be improved and would help to ensure better business opportunities. The paper thereby helps to understand innovation and the manner in which it will have an impact on overall business developments.

Type of Innovation

Australia has witnessed widespread innovation in different fields which has thereby revolutionized the industry. Innovation has being witnessed in different areas like product, technology, process and so on. The paper focuses on innovation which has undertaken in the field of technology especially in the insurance sector. The insurance sector used to witness little technological changes which made the entire process to be slow and didn’t provide the required justification to the changes which the industry required.

Use of technology and adopting new ways and mechanism has helped the insurance sector to undergo the required dimensional changes which has ensured better business and increased efficiency (Dodgson, Hughes, Foster & Metcalfe, 2011). Technological changes has maximized the gains not only for the insurer but also for the insuring agency as it has forced the different players to bring the required changes in their working environment thereby helping to ensure that better efficiency is witnessed (Green & Roos, 2012). Innovation in the field of insurance sector has provided different options and has impacted the business in different ways.

Technological changes in insurance sector have been witnessed because of the fact that the insurers are forcing the insurance agency to undergo changes and give them what they want. In addition to it non traditional players entering the insurance sector has made different organizations to look at different technological changes which would improve the business workings (Chesbrough, 2010). The mechanism has helped the organization to bring about the required change in which risk is perceived, measured and managed. This ensures that the manner in which the insurance sector works has undergone the required dimensional changes with regard to technology and would help to improve business in the future. The changes would ensure benefit for both the insurance agency and insurer which would thereby help to ensure that the overall long term prospect of the industry improves.

Milestone in innovation and the manner it has impacted organization

Changes in technology has provided different milestone which would help to improve the business model and would ensure long term gains. The different technological changes have impacted organizations in different ways and would require carrying out different fundamentals through which business would improve (Hajkowicz, Cook & Littleboy, 2010). Some of the milestone which technological changes has provided for the insurance sector and the manner in which it will impact organization are as

  • The use of wearable technology like Google glass has impacted the insurance sector as it has increased the speed with which insurance claims are settled. The use of technology has automated the process through which different activities are carried out in the insurance sector (Dyson, 2010). The mechanism has helped to improve the experience of insurer for claim settlement as automation and photographic and video notification has helped to ensure better claim settlement. This has impacted organizations as they need to use the same technology which has thereby helped them to ensure that claims recovery is faster. This has increased the rate at which different work is carried out in the insurance sector and has intensified the process of carrying out different work (Enright & Petty, 2013). The innovation has acted as one of the milestone through which both insurance agency and insurer has ensured transformational changes and has enabled the business to improve the process of settling claims and improving business effectiveness

  • The use of drones has also impacted the insurance sector as it has helped to obtain information about the loss which the insurer has incurred. The fact that drones are becoming cheaper, sophisticated and more reliable has helped to ensure that insurance sector starts to rely more on it so that more and more information can be gathered (Cutler, 2011). This has impacted the business as using drones has helped to gather information regarding catastrophe and ensure that better information about loss can be gathered. The process has helped to reduce the chances of frauds as gathering information with regard to different catastrophe has become easy (Huizingh, 2011). The mechanism has helped to improve the experience of insurer for claim settlement as automation and photographic and video notification has helped to ensure better claim settlement. This has impacted organizations as they need to use the same technology which has thereby helped them to ensure that claims recovery is faster (Chesbrough, 2012). This has increased the rate at which different work is carried out in the insurance sector and has intensified the process of carrying out different work. The overall process of working has thereby enabled to bring about the required technological changes in the field of insurance sector which has improved business productivity.

  • The use of internet of things has impacted the insurance sector as it has enabled the business to ensure better connectivity. The use of technology has enabled better connectivity between one computer to another and reduce human interference. This has helped to improve efficiency and ensure that the exchange of information is faster (Bloom, Genakos, Sadun & Van Reenen, 2012). Technological changes have also ensured that collection and collating information becomes easy. This has implications for the business as it has forced them to make the required technological changes so that they are able to withstand the different needs of the insurer and are able to carry out business efficiently. Innovation in technological changes has thereby ensured better opportunities for the business and has ensured that the overall business working is improved (Hawksworth & Tiwari, 2011).

Future Developments

The manner in which technological changes has been witnessed in the insurance sector brings forward the different future developments which the industry will witness. This would require that the different insurance providers looks and understand the future developments which might take place. Based on the different needs changes have to be made in the working scenario so that business is able to improve efficiency and carry out the work in a better way. The few developments which the changes in technology might witness in the insurance sector are as

  • Increased use of drones in the future would require that the insurance agency looks at understanding the manner in which it will help the sector and have to adopt the same technology. The different players need to undertake the use of drones as it will facilitate the insurance sector and would help in faster claim settlement and reduce frauds

  • Integration of technology in all areas is another core area which the insurance sector needs to focus on. The players have to understand the fact that they need to look at technological integration as it will help to improve better services (Boedker, Vidgen, Meagher, Cogin, Mouritsen & Runnalls, 2011). The process should be such where the player has to look at using internet and integrating one computer with another so that better information is collected which would help to gather real and correct information about the insurer. The mechanism requires focusing on areas through which better services can be rendered

  • Increase in the use of wearable technology which provides better efficiency in managing claims. This is something which will be used in the near future and the focus thereby has to be towards using more of it (Eisenhardt & Martin, 2010). This would help to improve the experience of insurer for claim settlement as automation and photographic and video notification has helped to ensure better claim settlement. This is an area which will be required in the future as it would help to improve the performance of the insurance sector.

Conclusion

This paper presented the innovation which has been carried out in the Australian industry. The paper focused on the manner in which innovation in technology has impacted the insurance sector to improve their performance. This helps to focus towards understanding the manner in which innovation would help to improve the business and ensure that the business work is improved. Lastly, the paper focused towards providing different future developments which innovation would provide and the manner in which business would be improved and would help to ensure better business opportunities. The paper thereby helped to understand innovation and the manner in which it will have an impact on overall business developments.

References

Bloom, N., Genakos, C., Sadun, R., & Van Reenen, J. 2012. Management practices across firms and countries. The Academy of Management Perspectives, 26(1), 12-33

Boedker, C., Vidgen, R., Meagher, K., Cogin, J., Mouritsen, J., & Runnalls, J. 2011. Leadership, Culture and Management Practices of High Performing Workplaces in Australia: The High Performing Workplace Index. Society for Knowledge Economics, Sydney

Cutler, T. 2011, Venturous Australia: Building Strength in Innovation. Report of the Review of the National Innovation System, Cutler & Co, Melbourne. P58

Chesbrough, H. 2010. Business model innovation: opportunities and barriers. Long range planning, 43(2), 354–363

Chesbrough, H. 2012. Why companies should have open business models. MIT Sloan Management Review, 48(2)

Dyson, J. 2010. Ingenious Britain: Making the UK the leading high tech exporter in Europe. P37

Dodgson, M., Hughes, A., Foster, J., & Metcalfe, S. 2011. Systems thinking, market failure, and the development of innovation policy: The case of Australia. Research Policy, 40(9), p. 1145–1156.

Eisenhardt, K. M., & Martin, J. A. 2010. Dynamic capabilities: what are they? Strategic Management journal, 21(10–11), 1105–1121

Enright, M. & Petty, R. 2013 Australia’s Competitiveness: From Lucky Country to Competitive Country. J. Wiley & Sons and CPA Australia, Singapore. Pp182–83

Green, R., & Roos, G. 2012 Australia’s Manufacturing Future, Report for the Department of Industry, Innovation, Science, Research & Tertiary Education, Canberra

Hawksworth, J. & Tiwari, A. 2011. The World in 2050: The accelerating shift of global economic power: challenges and opportunities. Price Waterhouse-Coopers

Hajkowicz, S., Cook, H. & Littleboy, A. 2010 Our Future World – Global megatrends that will change the way we live. CSIRO, Melbourne.

Huizingh, E. K. 2011. Open innovation: State of the art and future perspectives. Technovation, 31(1), 2–9.

Manyika, J., Chui, M., Bughin, J., Dobbs, R., Bisson, P. & Marrs, A. 2013. Disruptive technologies: Advances that will transform life, business, and the global economy. McKinsey Global Institute, May 2013

West, D., Friedman, A. & Valdivia, W. 2012. Building an Innovation-Based Economy. The Brookings Institute, USA. http://www.brookings.edu/research/papers/2012/11/13-innovation-technology-west-friedman-valdivia